[BTC] - Short term analysis 30.1.18 (Possible short term bounce)
Hi all, Crypto Sludge here.
So, as we saw we didn't get a full bull run confirmation and broke the short term downtrend. We are however keeping above the downtrend line and TD sequential , ichi cloud and StochRSI signals that we are ready for a short term price reversal
On the 4h chart, we are about to get a TD 9 Buy signal, StochRSI is in the oversold area so i expect a bounce of the ichi cloud @ 11126$ as the entry point, with 10758$ as the stop loss (TD make trend and the downtrend line) and possible retest of the 12200 TD risk line (1st target).
This is yet again a risky trade, so not for the weak of heart :)
Let me know what you think.
Trade ON!
Crypto Sludge
I wonder untill what extent traditional trendline interpretation works for crypto, but i enjoyed your post.
I am following you.
Please check my thoughts on a crypto currency ecomomy. @weddingdresses
Thanks! as with all TA, you must get confirmation from various indicators, and trend line do work to an extent. Just a funny example, but our peak @ 20k$ was just a top of a trend line drawn in 2013 which we failed to break :)
Well i have to admit i am giving crypto quite the TA effort lately.
Yea, don't forget TA is a self fulfilling prophecy, the more traders look and follow the same indicators the higher the chance for the prediction to happen.
Worth considering that BTC might form a three-drives bearish pattern if it goes up far enough on the bounce to get into the $12.3k-$12.5k region. At that point we'd be looking at a breakout of the week-old channel it's been bouncing around in.
Good information. Nice work. Its great information for the steemians. Thanks for sharing.